The management believes that given the company's prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders.
A meeting of the board of One 97 Communications (Paytm) is scheduled on Tuesday, 13 December 2022, to consider a proposal for buyback of the fully paid-up equity shares of the company."The outcome of the Board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on December 13, 2022, in accordance with the applicable provisions of the SEBI Listing Regulations," the company said.
One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.
On a consolidated basis, One 97 Communications' revenue surged 76.2% to Rs 1914 crore in Q2 September 2022 over Q2 September 2021. The revenue was driven by increase in merchant subscription revenues, growth in bill payments due to growing MTUs (monthly transacting users) and growth in disbursements of loans through platform. However, the company's consolidated loss widened to Rs 571.10 crore in Q1 June 2022 from net loss of Rs 472.90 crore a year ago.
The stock entered the bourses on 18 November 2021. It was listed at Rs 1955, a discount of 9.07% compared with the initial public offer (IPO) price of Rs 2150. The IPO of Paytm was subscribed 1.89 times. The issue opened for bidding on 8 November and it closed on 10 November. The price band of the IPO was fixed at Rs 2080 to Rs 2150 per share.
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